"The Caijing report on the so-called plan to spin off Apollo and seek external investors is untrue," Baidu says in a mailed statement.
"Baidu has no plan to spin off Apollo. Apollo is a key pillar of Baidu's AI strategy and has been making steady progress based on our strategy."
Caijing had indicated (via a source close to the company) that Baidu was seeking external investors for the project.
Meanwhile, another firm has joined in the post-earnings downgrades: Blue Lotus Capital Advisors has downgraded the company's ADRs to Hold, from Buy, and lowered the price target to $145 from $234, implying 21% upside.
Shares have fallen 22% since Thursday's earnings miss.
Now read: Loss Shakes Baidu To The Core »
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